Chevron tankers sail with immunity through Caribbean waters.
Last week, the firm prepared to export 1 million barrels of Venezuelan crude, maintaining operations after Washington labelled Caracas a foreign terrorist organisation. While other international vessels are turned away, the Searuby and Minerva Astra loaded cargoes.
A long presence led to a singular status. In May, after Washington revoked licences for firms working with state owned PDVSA, Chevron and European partners negotiated with the Trump administration to keep joint ventures. The outcome remains a matter of record.
The Exclusive Pipeline to American Refineries
Chevron occupies a strong strategic position.
Francisco Monaldi of Rice University observed that the Houston entity stays ready for any political outcome. As Venezuelan output fell to 860,000 barrels per day in November, a special licence ensures extraction and export operations proceed from vast reserves.
Data outlines the weight of a specific channel. In January, the firm increased exports to 294,000 barrels per day, and cargoes went to U.S. refineries. An arrangement allowed Chevron to reclaim $3 billion in debt once owed by the Venezuelan government.
Securing the Mediterranean: The $35 Billion Diplomatic Bridge
Power reaches the Eastern Mediterranean.
On 17 December, Israeli Prime Minister Benjamin Netanyahu announced a $35 billion gas agreement with Egypt. The agreement centres on Chevron and partners, NewMed and Ratio, who will supply natural gas to Egypt from the Leviathan field through 2040.
A contract arrived via strategic coordination. CNN reports Israeli sources said Israel proceeded after persuasion from the Trump administration. Cairo stated the transaction was a commercial affair.
Netanyahu cited revenue starting at half a billion shekels yearly, growing to 6 billion shekels as more infrastructure arrives.
Hungary’s High Cost Pivot to American LNG
In Central Europe, energy flows toward American sources.
On 16 December, Hungary signed a five year contract with Chevron for 2 billion cubic metres of liquefied natural gas, an act Foreign Minister Péter Szijjártó called a weightier milestone in energy cooperation.
Under a contract with state owned MVM Group, Chevron provides 400 million cubic metres of gas every year. Gas is sourced from the Energy Transfer Lake Charles facility in Louisiana and arrives via the Krk LNG terminal in Croatia. Budapest manages a precarious state of affairs.
Though Russia supplied record volumes in 2024, the Prime Minister visit to the White House resulted in a purchase of American energy. A White House official stated Budapest received a temporary waiver from sanctions after committing to American contracts worth $600 million.
The Premium Cost of the Atlantic Energy Order
Chevron and American providers are part of a reorganisation of European supply lines. Since 2022, the United States reached the rank of top LNG exporter. Europe is a primary market. American exports to Europe rose by 137 percent in early 2022 as the continent left previous sources.
The change arrived with a high price. The European Union spent €117.4 billion on American LNG between early 2022 and mid 2025, surpassing the €37.5 billion spent on Russian LNG. By 2024, American gas met 45 percent of bloc LNG needs, and Germany now takes nearly all LNG from the U.S.
American LNG prices doubled in 2022. Natural gas prices at the Title Transfer Facility in the Netherlands averaged over $40 per million British thermal units, a large leap from previous norms.
A Legacy of Entrenched Presence
Energy changes between 2022 and 2025 lead to a permanent change in how a continent obtains power. A suspension of exports through Ukraine is a structural change making a return to previous levels unlikely.
The Chevron position grew from a century of presence. The company began oil exploration in Venezuela in 1923. CEO Mike Wirth recalls Chevron is the sole American firm left in the region.
Whether securing Mediterranean gas or providing the LNG filling European gaps, the Chevron status in late 2025 proves global energy flows are a product of historical and political realities.
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